Expert answer:Casino Management

Expert answer:Only a few questions with expected value and some other gaming questions.
casino_gaming_exam_2.docx

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Stephen Stillwell
Casino Gaming
Question 26
What is the expected value on the flip of a fair coin if we are receiving 2 to 1 odds on
our $10 bet on “Heads?” [Answers should be $X.XX format. Please round
appropriately.]
IncorrectQuestion 27
0 / 5 pts
When rolling a pair (2) of dice, what is the probability that they will show a total of 7?
[Answers should be in decimal format to three decimal places i.e. .XXX. Please round
appropriately.]
Question 28
5 / 5 pts
From a shuffled single deck of cards, what is the probability of drawing an ace in your
first attempt? [Answers should be in decimal format to three decimal places i.e. .XXX.
Please round appropriately.]
IncorrectQuestion 29
0 / 5 pts
Outcomes in limited trials can vary greatly. For instance, while we know that the
probability of getting heads or tails is .5 or 1/2, that does not mean that in a set of 5, 10,
or even 100 attempts, the expected probability will hold true.
The concept of _____________ states that over the long run, in many attempts, the
probabilities will hold true and therefore casinos can set odds and use Expected Value
calculations to create a casino advantage.
Question 30
2 / 2 pts
In a 4-deck game of blackjack assuming shuffled cards that have not yet been drawn or
dealt, what is the total number of Aces in the shoe?
Question 31
2 / 2 pts
In a 4-deck game of blackjack assuming shuffled cards that have not yet been drawn or
dealt, what is the total number of red cards in the shoe?
Question 32
2 / 2 pts
In a 4-deck game of blackjack assuming shuffled cards that have not yet been drawn or
dealt, what is the total number of cards in the shoe?
Question 33
2 / 2 pts
In a 4-deck game of blackjack assuming shuffled cards that have not yet been drawn or
dealt, what is the total number of non-10 cards (2, 3, 4, 5, 6, 7, 8, 9, A) in the shoe?
Question 34
2 / 2 pts
In a 4-deck game of blackjack assuming shuffled cards that have not yet been drawn or
dealt, what is the total number of cards valued at 10 (10, J, Q, K) in the shoe?
Question 35
Not yet graded / 10 pts
Expected Value, or E(X), is a formula discussed at length in class and in your
assignments.
In this case, we are concerned with a Coin Flip. The coin is fair and Heads or Tails are
the only possible outcomes. Please construct the E(X) value for the wager in which you
will win $1,000 if the result is Heads and you will lose your $1,000 wager if the result is
Tails. Please ensure to cover these four requirements:
1.
2.
3.
4.
Write out the Formula
Solve the equation, showing steps of your work
List the Expected Value of the Wager (note: ensure proper format of the answer)
Answer: Could this be considered a fair game? Yes or No and Why?
Your Answer:
Question 36
Not yet graded / 10 pts
Expected Value, or E(X), is a formula discussed at length in class and in your
assignments.
Cash 5 is a Pennsylvania Lottery Game. The chart below shows the Cash 5 lottery
prizes and chances of winning based on how many Cash 5 numbers you match in the
results.
The jackpot is won by matching all five white balls in any order. Each ticket costs $1.
The Cash 5 estimated jackpot is currently $225,000.
Based on the current jackpot amount and using the jackpot odds above, what is the
expected value to the player who buys one $1 ticket for this drawing?
Please show all work.
1. Write out the Formula
2. Solve the equation, showing steps of your work
3. List the Expected Value of the Wager (note: ensure proper format of the answer)
Your Answer:
Question 37
Not yet graded / 10 pts
Expected Value, or E(X), is a formula discussed at length in class and in your
assignments.
This question also requires an understanding of payout odds. Please be sure to include
both considerations when calculating your answer.
In a Craps bet, you wish to make a “place bet” on the number 8. The payout odds on a
place bet of 8 are 7 to 6.
What is the expected value of a $100 bet on 8 assuming the (a) probability of rolling an
8 and (b) the payout odds listed above.
To answer, please follow these steps:
1.
2.
3.
4.
Show the probability of getting an 8
Show the E(X) formula for the bet (include the payout odds)
Solve for E(X) showing work
List the E(X) for the $100 place bet on 8
Your Answer:
Question 38
Not yet graded / 15 pts
Please create the outcomes distribution for rolling of two dice.
Please show each outcome and then overall probability.
Hint: Outcomes for two dice range between 2-12 and follow a normal/bell-curve
distribution.
Please answer each of the following:
•
•
How many total outcome possibilities are there?
Please list each individual outcome and probabilities for each outcome:
o 2
o 3
o 4
o 5
o 6
o 7
o
o
o
o
o
8
9
10
11
12
Your Answer:
…
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